[F167ZACryptoassetsE+W
(1)This section applies to cryptoassets which—
(a)are held by a person, and
(b)are held in a crypto wallet administered by a UK-connected cryptoasset service provider,
but only so far as the cryptoassets are free property.
(2)Subsection (3) applies if—
(a)a confiscation order is made against a person holding cryptoassets to which this section applies, and
(b)a receiver has not been appointed under section 50 in relation to the cryptoassets.
(3)A magistrates’ court may order the UK-connected cryptoasset service provider which administers the crypto wallet in which the cryptoassets are held—
(a)to realise the cryptoassets, or a portion of the cryptoassets having a specified value,
(b)to pay the proceeds of that realisation to the designated officer for the court on account of, and up to a maximum of, the amount payable under the confiscation order, and
(c)to the extent that the proceeds of the realisation exceed the amount payable under the confiscation order, to pay the excess to an appropriate officer identified in the order.
“Appropriate officer” has the same meaning as in section 41A.
(4)A person applying for an order under subsection (3) must give notice of the application to the UK-connected cryptoasset service provider.
(5)Where the crypto wallet in which the cryptoassets are held is administered on behalf of someone other than the person against whom the confiscation order is made, a magistrates’ court—
(a)may make an order under subsection (3) only if the extent of the person’s interest in the money has been determined under section 10A, and
(b)must have regard to that determination in deciding what is the appropriate order to make.
(6)If a UK-connected cryptoasset service provider fails to comply with an order under subsection (3)—
(a)the magistrates’ court may order it to pay an amount not exceeding £5,000, and
(b)for the purposes of the Magistrates’ Courts Act 1980 the sum is to be treated as adjudged to be paid by a conviction of the court.
(7)In order to take account of changes in the value of money the Secretary of State may by order substitute another sum for the sum for the time being specified in subsection (6)(a).
(8)Where a UK-connected cryptoasset service provider—
(a)is required by an order under subsection (3) to realise a portion of cryptoassets having a specified value, but
(b)on realising cryptoassets under the order, obtains proceeds of an amount which differs from that value,
it does not fail to comply with the order solely because of that difference in value, provided that it took reasonable steps to obtain proceeds equal to the value specified.]
Textual Amendments
F1Ss. 67ZA, 67ZB inserted (26.10.2023 for specified purposes, 26.4.2024 in so far as not already in force) by Economic Crime and Corporate Transparency Act 2023 (c. 56), s. 219(1)(2)(b), Sch. 8 para. 12; S.I. 2024/269, reg. 4(a)